VIETNAM'S RENEWABLE UP

ENERDATA - 13 Sep 2021 - Ørsted and the Vietnamese industrial group T&T have signed of a Memorandum of Understanding (MOU) to launch a strategic collaboration on offshore wind in Vietnam. The two companies bring together a multi-GW pipeline of greenfield offshore wind projects located off the coasts of the Binh Thuan and Ninh Thuan provinces, Vietnam's most suitable areas for offshore wind development. 

According to the National Steering Committee for Electricity Development, Vietnam’s wind capacity will reach 6 GW in 2025 and 10 GW in 2030 and solar capacity will grow to 14.4 GW in 2025 and 20 GW in 2030. The share of solar and wind in the power mix is aimed to reach 15-20% by 2030 and 25-30% by 2045. The World Bank Group estimates Vietnam's offshore wind potential to be up to 500 GW.

Many companies have announced plans to set up offshore wind projects in Vietnam. Copenhagen Infrastructure Partners (CIP) has signed an MOU with the Binh Thuan People’s Committee to develop the 3.5 GW La Gan offshore wind project off the coast of Binh Thuan, while the German company PNE plans to invest US$4.8bn to develop a 2 GW offshore wind project in the Phu Cat and Phu My districts of the Binh Dinh province, the South Central Coast region of Vietnam. Mainstream Renewable Power plans a 1 GW project (Phu Cuong Soc Trang) in partnership with the Phu Cuong Group, along with a 500 MW offshore wind project in the Ben Tre province, while Russia’s Zarubezhneft plans a 1 GW offshore wind plant in Vietnam (Vinh Phong project developed in partnership with Petrovietnam). In July 2021, the Spanish energy group Iberdrola acquired Sowitec Vietnam, a company with a 550 MW renewable pipeline under development.

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